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The success in a job or a business is not entirely dependent upon the benefits. It depends upon your personality and innate ability to handle a business or a job. Let’s compare the benefits and draw backs of doing a business and a job, and then see what might be a better fit for you,
Pros and cons of Doing Business
Doing a business, and earning good money is a thrill to many. Here are the pros and cons of doing business that will help you determine whether the thrill is worth it for you,
Advantages of Doing Business
1. You will have a lot of freedom and power at your workplace.
2. You will be free to use your time as you like.
3. You will have a flexible schedule.
4. There will be an immense potential of growth.
5. You will not be answerable to a boss.
6. You will not be bounded by any workplace hierarchy.
Disadvantages of Doing Business
1. Businesses come with a high risk probability. You will be taking financial risks that can be a make or break.
2. You will have to make sacrifices of your personal time, while you hustle to establish yourself.
3. You will be dealing with stress and pressure quite often.
4. Your initial growth is likely to be very slow.
5. You will have to constantly compete with the market and bring constant innovations and changes as per market trends.
Pros and cons of Doing a Job
Are you planning to establish a career, by doing a job? Here are the advantages and disadvantages of doing jobs which will help you understand the benefits as well as the compromises you may have to bear
Advantages of Doing a Job
1. You will have considerable financial security and stability. You will be sure to receive a fixed amount every month.
2. You will have a clear and distinctive job role, and your responsibilities will revolve only around that.
3. You will have fixed working hours, beyond which you can have time for other activities and your family.
4. You will have good chances of career growth if you perform well.
5. You will have a lower risk of financial losses.
6. You will be able to expose yourself into different areas throughout your careers, instead of focusing on a single type of work all your life.
Disadvantages of Doing a Job
1. You will have limited powers and authority.
2. You will have a fixed income, and increments to it will be slower.
3. You will have fixed working hours which means you will have a very small room for flexibility in your work timings.
4. You may find a job monotonous because of doing a single set of tasks everyday rather than diversified tasks.
5. You may end up dissatisfied from your job environment or income, because you will not have the power to control these things.
Every type of work you do to make money will always have its own pros and cons. Your success in a business or job thus depends not on the nature of business and jobs. Instead, it depends upon what kind of pain you are willing to and are good at taking.
Also Read: 7 Highest Paying Careers in Pakistan
So, What is The Right Decision for You?
Now that you are aware of the pros and cons of both business and jobs, let’s help you decide which one is better for you. Before you go further, you should understand a very common rule about how the world works. Based on numerous estimates, approximately 10% of the entire working populace owns businesses, and then tens of thousands or even more people are hired by these 10%. These people do jobs and contribute to the running of the businesses. The ratio of those who do businesses as compared to jobs is always comparatively smaller.
Let’s see why this happens by understanding the personalities who succeed at jobs and businesses.
Start a Business If You Have these Qualities
Doing a business does not only mean you can pursue the work you like, or want to do, and in the way that you wish to do it. When you are doing business, you will have a huge responsibility. You will be responsible not only for your own household, but also the households of the people who work for you. So, you have to ask yourself before starting a business, “Do I have the skills, aptitude, and personality that can handle a business?”. To answer this question, you can refer to the following traits of a person fit for doing business,
1. Ability to tolerate financial risks
2. Self motivation and discipline
3. Leadership Skills
4. Creativity and innovation
5. Resilience
6. Vision and long-term thinking
7. Ability to manage stress and work under pressure
8. Networking skills
9. Adaptability to change
If you have about 70% of these qualities, your chances for success at doing a business are high.
Apply for a job if you have these qualities
Now, you must also see the traits of people who are more likely to excel at jobs in order to make an informed choice regarding your ‘Business vs. Job’ debate.
Some of the most desirable traits of a person fit for jobs include,
1. Reliability in personality
2. Stability in thoughts and lifestyle
3. Ability for teamwork and collaboration
4. Specialized skills and expertise
5. Ability to maintain a work life balance
6. Highly specialized skills and abilities
7. Good stress management
8. Excellent time management
9. An aptitude for security. This means that a person likes things in order, and maintains them well to prevent any unforeseen consequences.
If you have at least 70% of all these qualities, you are likely to be successful at your job.
Are you a business student? Consider reading 'How Can BBA Students Start Earning From First Semester?'
Final Message for You
In this article, you have gone through the pros and cons of business and jobs respectively. You have also discovered the personality traits required to excel at both of these professional paths.
Do you still think it is fair to assume that jobs aren’t good enough for making money, so one should do a business?
Do not be influenced by such myths!
Your success does not come from doing a job or a business. If it did all the businesses that start would have been successes and we would not have seen so many people struggling and eventually closing their businesses down. It is important to understand your own aptitude, and what you may be good at according to your personality. After that, you should pursue in your work and chase excellence.
Remember that line from a popular film from 2010?
“Chase excellence, and success shall run behind you!”
It is always a good idea to go for a detailed aptitude assesment and career counseling while you make decisions on such important matters. Eduvision is Pakistan premier career counseling organization. Contact us to book a session!
You Must Read
What are Skills: Soft Skills Vs. Hard Skills
Are University Degrees Worth It in Pakistan?
Top 10 Online MBA Programs in The World
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Good luck chasing excellence!
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